According to the report published by Allied Market Research, the global complaint management software market was estimated at $1.93 billion in 2018 and is expected to hit $8.28 billion by 2026, registering a CAGR of 11.2% from 2019 to 2026.
The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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The rise in the need to protect brand reputation and elevate consumer satisfaction, the surge in requirement for automated workflow, and the enactment of consumer-centric stratagems fuel the growth of the global complaint management software market.
On the other hand, inadequate insights into consumer complaints curb the growth to some extent. However, the assimilation of novel technologies including AI and NLP is expected to create multiple opportunities in the near future.
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Based on components, the software segment held more than three-fifths of the total share of the global complaint management software market in 2018, and is expected to maintain its dominant position during the forecast period.
This is due to a reduction in the number of recurring complaints and the implementation of a global approach for handling complaints with multilingual capabilities, regional reporting requirements, and unlimited security levels.
The services segment is expected to grow at the largest CAGR of 12.4% from 2019 to 2026, owing to the effective functioning of software and platforms throughout the process offered by them.
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Based on type, the integrated segment held the highest market share in the global complaint management software market in 2018, contributing for nearly three-fourths of the total share, and will continue to lead in terms of revenue by 2026.
Moreover, this segment is expected to register the highest CAGR of 12.6% from 2019 to 2026. This is due to need to integrate the outputs from various systems to generate most relevant and useful insights for resolving the customer complaint efficiently. The research also analyzes the standalone segment.
Based on region, North America accounted for the highest market share in terms of revenue, contributing to nearly two-fifths of the global complaint management software market in 2018, and is expected to continue its leadership position during the forecast period. This is due to a surge in the number of market players using visual effects. However, Asia-Pacific is expected to grow at the highest CAGR of 12.4% from 2019 to 2026, owing to the rapid growth of the services industry.
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The key market players analyzed in the global complaint management software market report include Equiniti, ETQ, LLC, Freshworks Inc., Sparta Systems, Inc., Zoho Corporation Pvt. Ltd., MasterControl, Inc., AssurX, Inc., Oracle Corporation, Quantivate, LLC., Salesforce.com, Inc., and Zendesk, Inc. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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